The German state is getting bigger and bigger and doing less and less. The reason: the erosion of accountability promoted by politics.

When the current bear market in equities will bottom out can at best be vaguely estimated. But there are indications as to whether equities are worthwhile regardless of this.

The Federal Reserve has entered an interest rate hike cycle. But whether it will be able to raise interest rates without a lim-it is questionable.

At present, the stock market is worried about steeply rising yields on the bond markets. Is the big crash looming or is this simply a normalisation?

Despite great uncertainty and massive sales losses, German corporations carried out almost as many share buybacks in 2020 as in the previous year. At EUR 8.1 billion, the volume was only 7% lower than in the previous year.